Solana Increases Value By 1.29%, indicating a strong bullish Momentum

Solana price analysis shows an uptrend with a series of higher highs and higher lows. Over the past two weeks, Solana’s price has increased from $11.98 to a high of $13.28, representing a gain of 1.29%. The bulls have been defending the key support of $12.77 for the past few days and have not allowed the price to drop below this level.

SOL is currently testing the $13.54 resistance, and a break above seems possible. Looking at the daily chart, Solana’s price analysis shows that is presently trading in an upward channel and is currently trading at $13.28 this same period, Solana’s trading volume has steadily increased, reaching an all-time high last week.

Solana price analysis reveals the market volatility to follow an uncertain closing movement, which causes the SOL prices to become less susceptible to volatile change. As a result, Bollinger’s band’s upper limit is $14.20, acting as the strongest resistance point for SOL. Conversely, the lower limit of Bollinger’s band is at $9.07, representing the strongest support for SOL.

SOL/USD 1-day price chart: TradingView

Moreover, the relative strength index (RSI) is currently at 40.18 and is slowly rising towards the overbought region, which suggests that the prices may consolidate at current levels before a breakout. The daily MACD shows that the bullish momentum is increasing as the MACD line (blue) moves above the signal line (orange).

The hourly, Solana price analysis shows that the bulls have been in control of the market since the beginning of today after hitting support at $12.77 and a resistance at $13.54, which is likely to move upwards toward $14. However, the trading volume for the SOL/USD pair is currently at $452,040,856 during the intraday trading session.

This shows that the buyers are in control of the market. Therefore, the market capitalization for the SOL/USD pair is trading at $4,896,126,637. The digital asset is currently ranked 14th in the overall market.

Overall, Solana price analysis points to a continued bullish trend as long as the bulls maintain their control of the $12.77 support. If the price can break above the current resistance at $13.54, then Solana will likely test a new all-time high of $13.28.

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